Is it just me, or are we constantly bombarded with “Orwellian Speak” when it comes to the media coverage of current events. And no, I’m not talking about Iraq, or Katrina, or who won/lost the mid terms. I’m talking about Wall Street. The markets got hammered yesterday, so how did a financial spokeshack put it? ”This market has been going up since the end of July, so we were short-term overbought, which tends to lead to dramatic down days,'' said Art Hogan, chief market strategist at Jefferies. “You can point to Wal-Mart, to the weak dollar, energy costs or Google, but at the end of the day this is just profit taking,'' he said. Dontcha just love that… People were taking profits, no one was losing money. At the same time analysts in California were saying that the down turn in property values signaled a huge opportunity for first time home buyers. The fact that the days when a hamburger flipper at MickeyDee’s could qualify for an interest rate payment only, or ARM loan are long gone, which means that these great opportunities only exist for those who can put 40% down.
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